QUESTION 3 10 points Save Answer If two or more inventory items are purchased as a "basket purchase", allocation of the total cost should be made on the basis of th relative sales value of the individual inventory items. True False QUESTION 4 10 points Save Answer Weld Co. has determined its December 31,2020, inventory on a FIFO basis as $400,000. Information pertaining tot hat inventory follows: estimated selling price $408,000 estimated cost of disposal $20,000 At December 31, 2020, what holding loss (if any) should Weld recognize on inventory? (Weld has not previously recorded an inventory holding loss.) $12,000 $8,000 $0 $28,000 Information related to three products of Adelle Co follows. Product A Product B Product C Estimated selling price $20 $25 $28 Original cost (FIFO) 15 20 18 Cost of disposal 2 4 3 Cost of completion 5 0 2 What inventory value should be reported in the balance sheet for total inventory under the lower-of-cost-or net realizable value assuming each individual item is evaluated? $51 $57 $73 $53 QUESTION 6 10 points Save Answer In cases where a company measures the cost of inventory either through the LIFO inventory method or the retail inventory method, it follows which inventory measurement approach? Carrying value LIFO liquidation value Lower-of-cost-or-Net Realizable Value O Lower-of-cost-or-Market Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit